Make sure the sales contract includes a contingency clause that allows you to use your own appraiser and also allows you to walk away and you get sent any fee that has not been earned including any deposit you made nor any penalty, if the appraisal comes in too low or does not support the sales price.One way to make more money is to offer the existing Tenants, if they have reliable history on their lease obligations, a "lease option" furnished by you. 

Specifically:“The management of the property necessarily involved alterations and repairs…..it was also necessary to furnish elevator service, heat, light and water which required regular and continuous activity and the employment of labor, the buying of material and many other things which come within the definition of business”.

Look for higher rent rents via non-traditional/modern rentals:- AIrbnb/STR-Leasing fully furnished-Rent by the room/Student hosuing-Assistance living, etc.

My question:Assuming all purchases are made via the IRA LLC, I'm assuming I can furnish the rental, and this would not be considered a "prohibited transaction"?

It came fully furnished, and at great flexibility by a very understanding seller.

@Mike Ojo I find that most of my tenants don't even own their own furnishings, it's all rent to own.

In the best scenarios, a conservative ROI is around 7% with approximately $150 monthly cashflow if unfurnished (13% and $360/mo if furnished).

As a furnished short term rental possibly more. 

The students have specific areas they will live in and most of them are 9 month rentals that are furnished and used for the beach in summer.

There are costs to furnish and market is reportedly becoming saturated in some areas but if you live next door and can make guest experience perfect and get great reviews, you can probably stand out.